Despite huge prospect, no tangible steps have been taken so far to explore Bangladesh’s deepwater energy resources. India, Myanmar, Thailand, all achieved significant successes after years of relentless efforts. But resources in Bangladesh’s territorial water remain unexplored. Deepwater exploration is very much different than onshore and shallow water drilling. More risks, more expenditure and more technical problems are involved. But there are examples of success. Exploration is getting more and more expensive as the limited number of deepwater rigs are engaged in more prospective regions. If Bangladesh fails to invite bidding soon it may not get major drilling companies to explore. A considerable gas reserve, if found through deepwater drilling, may change our energy future completely. The country’s energy resources are diminishing and energy security is facing a threat. Gas supply situation is extremely critical. No comprehensive planning, no appropriate strategy was followed for integrated development of the sector. We do not have exploration strategy, depletion policy, integrated reservoir management or proper gas utilization plan. So the policymakers must look into the deepwater prospects and pursue regional gas grid to reap maximum benefit out of our resources.